iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
18,464 Blog Posts

MARKETS COLLAPSE — NASDAQ BLOWS THRU SUPPORT AS HIGH MULTIPLE NAMES GET SHOT AND KILLED

It looked too good to be true, and it was. Since the opening recovery of the 50 point dip, markets have shattered new lows and are now swimming in blood. The Nasdaq is down by more than 115. You can be bullish if you want — but I have no choice but to toss in the towel.

As a result, I sold the following stocks this morning, moving to a 60% cash position.

TEAM, SOXL, NOW, TWLO and SQ.

Again, this has nothing to do with whether I think stocks will bottom or not. If they do bottom, I will, unfortunately, miss out on the uptick. That is the price to pay for buying into stocks too early. I’d rather protect my account than enjoy a nice 10% lift off the lows. By the way this market is dangling, it could very easy close at the lows, causing a new and fresh panic amongst the unwashed, barreling into the November elections.

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7 comments

  1. og

    In a week it went from an awesome year to meh. Guess that’s what I get for playing with margin.

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  2. acehood

    Trump should blame Soros for this!!

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  3. WrongView

    If ‘it is showtime’ doesn’t get in here and start bragging soon, I’m going to freak out.

    He really figured out how to get to me.

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    • numbersgame

      He’s got nothing to brag about until another 20% down or so from when he called the top.

      The really big issue for this market (as I see it) is the whole Chinese espionage thing. Bloomberg is a solid outfit and has 17 witnesses throught the tech companies and and the federal agencies for their article. The tech companies issues a pure 100% denial. It was pretty explicit and air-tight, unlike Homeland Security’s #WeBelieveTechCompanies lawyerly response.

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      • ferd

        The powers that be will determine if it is to their advantage to have Bloomberg stick to that story. The truth of the matter matters very little to what MSM will sell folks.

        And I don’t see how it helps the powerful to fuck up a major supplier with that particular story.

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  4. joshua

    Looked like tradable low to me…..

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    • ferd

      Trained seals haplessly buying the dip in the afternoon again today …while bonds continued down and were at lows at 4PM. More pain likely needed.

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